Importation of used vehicles into Nigeria is projected to grow by 39.4 per cent from N1.71 trillion in 2025 to N2.55 trillion in the next four years. According to Mordor Intelligence, a global market research firm, the value of import is also projected to hit N1.85 trillion ($1.28 billion) in 2026 from N1.71 trillion ($1.18 billion) in 2025.

According to records, of the $1.18 billion used vehicled ferried into Nigeria in 2025, United States Census Bureau (USCB)’s data noted about 44 per cent or $518 million worth of vehicles, dominated by passenger cars, were imported from America in the first half of 2025 to the country.

Also, Mordor Intelligence explained that the enforcement by Nigeria Customs Service (NCS) of a 12-year age ceiling and higher duties had compressed import volumes, creating scarcity that supports residual values and accelerates domestic remarketing programmes.

It revealed that a persistent gap between new car prices and household purchasing power, compounded by inflation, high interest rates, and naira depreciation had pushed many buyers toward preowned vehicles as a more affordable option in a challenging economic environment.

According to the research firm, the shift drives the market’s growth to digital retail channels, fintech innovations improving vehicle financing access, and diaspora remittances enabling near-new vehicle imports that offer better value than new ones. It noted that organised online platforms capitalised on the shift through transparent pricing, verified inspection reports, and bundled loans.

The firm stressed that sedans held 45.12 per cent of Nigeria’s used car market share in 2024, while SUVs and MPVs are on track for a 9.51 per cent CAGR through 2030. By vendor type, the firm noted that unorganised dealers controlled 71.39 per cent of Nigeria’s used car market share in 2024, while organised platforms were poised to compound at a 10.12 per cent CAGR to 2030.

Also, it explained that petrol cars captured 79.38 per cent of Nigeria’s used car market share in 2024, but electric vehicles are expected to post an 11.79 per cent CAGR over the forecast horizon. Also, the firm noted that the offline showrooms accounted for 53.32 per cent of Nigeria’s used car market share in 2024 as online channels are accelerating at a 10.39 per cent CAGR through 2030.